Top Gun Options Legal Notices and Disclaimer

Top Gun Options Legal Notices and Disclaimer

Options are speculative and involve significant risk and are not suitable for all investors. Those who trade options should read and understand the CBOE (Chicago Board Options Exchange) publication Characteristics and Risks of Standardized Options (PDF).

Top Gun Options does not promise, guarantee, or imply verbally or in writing that anything taught or promoted through our webinars, newsletters, in any printed material, email, or displayed on our website will necessarily result in a profit. While a newsletter or alert may state "Buy" or "Sell," or those terms may be used in the live trading lab, it is with full understanding that this is strictly the opinion of the author/publisher. Therefore, we recommend you consult a professional financial advisor before taking any action on information found on this site or contained in any Top Gun Options product.

All securities and orders are tracked and monitored in virtual trading accounts. Virtual account prices and returns may differ from actual trading results. Commission costs are excluded.

Past performance is not indicative of future results. Option trading involves substantial risk. You can lose some or all of your investment when trading options. The past results posted on this site or in any product are meant to give you a reasonable idea of what you could have made or lost trading by following the Top Gun Options service but are in no way an exact reflection of what you would have made or lost. Therefore, you should not rely on past trade results as a perfect replication of what your returns or losses would have been by following any Top Gun Options service. There are inherent risks involved in trading options and these risks should be considered prior to any decision. The representatives of Top Gun Options may or may not hold a position in any stocks or options listed at the time of publication and reserve the right to buy or sell any security, option, future or derivative product without notification. The publication by the authors/publisher of a "target price" or "stop loss" for a particular security does not necessarily represent the price at which an Editor intends to sell or will sell any such securities that the Editors may directly or indirectly own

Neither Top Gun Options nor its affiliates nor any of their respective officers, personnel, representatives, agents or independent contractors are in such capacities licensed financial advisors, registered investment advisors or registered broker-dealers.

Nothing published by Top Gun Options should be considered personalized investment advice. Although Top Gun Options authors in such capacity may answer your general trading questions, they are not licensed under securities laws to address your particular investment situation. No communication by the Top Gun Options team to you should be deemed as personalized investment advice.

The owners, publishers, and agents of Top Gun Options are not liable for any losses or damages, monetary or other that may result from the application of information contained within the live trading labs, website, alerts, and/or newsletters. Within the suite of Top Gun Options products, we publish materials that meet specific criteria representing characteristics associated with described options trading strategies. Individual traders must do their own due diligence in analyzing featured options strategies to determine if they represent a suitable opportunity. Top Gun Options and any of their agents, affiliates, representatives, employees, principals, business associates or affiliates, partners or independent contractors are not responsible for any losses or profits that may result from the application of information contained within a live trading lab, website, trade alert, and/or newsletters. Under no circumstances, including, but not limited to, negligence, shall Top Gun Options be liable for any special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if Top Gun Options or their authorized representatives have been advised of the possibility of such damages. In no event shall Top Gun Options have liability to you for any damages, losses, and causes of action (whether in contract, tort (including, but not limited to, negligence) or otherwise) exceed the amount paid by you, if any, for accessing this site or using the information provided.

Top Gun Options PCL

Table of Contents

Tactical Quick Reference Guide..............................................................................................5 Welcome.....................................................................................................................................7 Using the OPCL..........................................................................................................................9 Analysis....................................................................................................................................11

Macroeconomics.........................................................................................................13 Fundamentals.............................................................................................................15 Technicals....................................................................................................................18 Volatility......................................................................................................................21 Planning...................................................................................................................................24 Planning Guide............................................................................................................26 Trade Debrief Guide...................................................................................................30 Tactics Guide Glossary...............................................................................................32 Primary Tactics......................................................................................................................33 Long Call.......................................................................................................................34 Long Put.......................................................................................................................36 Covered Call.................................................................................................................38 Cash Secured Put........................................................................................................40 Protective Put.............................................................................................................42 Intermediate Tactics.............................................................................................................44 Synthetic Long Stock..................................................................................................45 Synthetic Short Stock.................................................................................................47 Short Call......................................................................................................................49 Short Put......................................................................................................................51

2 Discipline Risk Management Superior Execution

Top Gun Options PCL

Bull Call Spread...........................................................................................................53 Bear Call Spread.........................................................................................................55 Bear Put Spread..........................................................................................................57 Bull Put Spread...........................................................................................................59 Call Calendar Spread..................................................................................................61 Put Calendar Spread..................................................................................................63 Collar............................................................................................................................65 Advanced Tactics ...................................................................................................................67 Long Strangle...............................................................................................................68 Short Strangle.............................................................................................................70 Long Straddle..............................................................................................................72 Short Straddle.............................................................................................................74 Call Butterfly...............................................................................................................76 Put Butterfly................................................................................................................78 Iron Butterfly..............................................................................................................80 Broken Wing Call Butterfly.......................................................................................82 Broken Wing Put Butterfly........................................................................................85 Condor with Calls........................................................................................................88 Condor with Puts........................................................................................................90 Iron Condor.................................................................................................................92 Call Diagonal...............................................................................................................94 Put Diagonal................................................................................................................97 Reference Glossary.....................................................................................................................100

3 Discipline Risk Management Superior Execution

Top Gun Options PCL Greeks .......................................................................................................................102

4 Discipline Risk Management Superior Execution

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